MTCC to build docking terminal in Thilafushi

The state-owned Maldives Transport and Construction Company (MTCC) is planning to invest MVR52 million (US$3.3 million) to build a docking terminal on the industrial island of Thilafushi near Malé.

MTCC chairman Hussain Salim reportedly said at the company’s annual general meeting last night that the dock yard can be completed in three years.

The company could earn a profit of MVR100 million (US$6.4 million) in a short period due to high demand for the service, he added.

The company will also introduce steel construction this year, Salim said, which is cheaper and faster than concrete structures.

MTCC also plans to invest MVR700 million (US$45 million) during the next five years to improve the capability of the local construction industry. The investment includes buying a dredger for land reclamation projects, Salim said.

The company made a record profit of MVR81.64 million (US$5.2 million) in 2014.